Australia-based B2C talent platform Airtasker reported revenue yesterday for the full year ended 30 June 2023 of AUD 44.2 million (USD 28.7 million), an increase of 40.4% year on year.

The company reported its Q4 results last month which showed revenue rose by 20.6% when compared to the prior corresponding period. Revenue totalled AUD 10.8 million (USD 7.2 million). The full year results published yesterday includes more details on profits and company segment revenues.

EBITDA losses were reduced to AUD 8.0 million (USD 5.2 million) for the full year 2023 compared to a loss of AUD 17.1 million (USD 11.1 million) in the prior year.

Airtasker said the integration of Oneflare in FY 2023 has proceeded to plan with the business contributing a full year of revenue while also achieving operational, technical and financial synergies through integration into the pre-existing Airtasker operational and support functions.

Group marketplace activity, represented by gross marketplace volume, grew 33.7% over the year to AUD 253.5 million (USD 164.5 million).

The Australian marketplaces, comprising Airtasker and Oneflare, generated revenue of AUD 43.2 million, up 39.7% over the previous year.

The Australian Airtasker marketplace generated revenue of AUD 33.7 million (USD 21.8 million), up 13.0% while the Oneflare marketplace contributed revenue of AUD 9.5 million (USD 6.1 million) for FY 2023.

Gross profit for the Australian marketplaces grew 41.7% over the year to AUD 41.0 million (USD 26.6 million).

This performance was driven by improved conversion rates in the Airtasker marketplace and the full year contribution from the Oneflare marketplace, which continues to perform ahead of expectations communicated when the acquisition was announced.

Airtasker’s international marketplaces, principally the UK and US, are still in the early stages of growth, generating total revenue of AUD 0.9 million (USD 0.5 million), up 83.3%.

In April 2023, Airtasker announced it would undertake a cost management program which would reduce expenditure through a 20% reduction in headcount. The headcount reduction was completed in Q4 2023 incurring full year one-off costs of AUD 1.2 million (USD 0.8 million).

At the same time Airtasker announced its plan to exit from non-core businesses acquired as part of the Oneflare portfolio in May 2022. The exit from these businesses is expected to be completed in H1 2024 and will reduce FY 2024 revenue by approximately AUD 1.0 million (USD 0.7 million) while also having a positive impact on operating expenses and cashflow.

The implementation of the cost management program positions Airtasker to be free cash flow positive on a full year basis in FY 2024.

In June 2023 Airtasker announced a media-for-equity partnership with UK television network Channel 4, which has a monthly reach of 47 million people (78% of the UK population) and operates the UK’s largest free streaming service with over 1.2 billion views per year.

Airtasker Co-founder and CEO Tim Fung said “I’m super pleased to report another record result for Airtasker in FY23 with revenue up 40%, net cash outflow down 24% and strong growth in our US and UK marketplaces. We’re now really well positioned with more than $16.1m in cash on balance sheet and are on track for a free cashflow positive result in FY24.”

“At the same time, we’re super excited to turbocharge Airtasker in the UK via our AUD 6.7 million (USD 4.3 million) media-for-equity partnership with Channel 4, replicating the success we achieved in Australia and readying our media partnership strategy for further global scale,” Fung said.

Airtasker shares closed yesterday at AUD 0.20 (USD 0.13), down 4.76% on the day. The company has a market cap of AUD 85.89 million (USD 55.5 million).